Preliminary 2016 Q4 UK GDP data

Commenting on the figures, Danske Bank Economist Conor Lambe said:

“The UK economy ended 2016 in a similar fashion to the way it performed during the middle of the year. UK GDP is estimated to have grown by 0.6% in the final quarter of 2016, the same rate as in the second and third quarters.

“This was largely driven by strong growth in the services sector with the consumer-related industries such as retail trade, which are a major driver of the local Northern Ireland economy, performing particularly well.

“All in all, the UK economy performed relatively well in 2016 with annual growth estimated at 2.0%. However, UK GDP is likely to grow at a slower rate in the year ahead as uncertainty acts as a drag on investment and an expected increase in inflation squeezes consumer’s purchasing power.”

This comment was published in response to the preliminary UK GDP data published by the ONS on 26th January 2017.​​​

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